The number of properties sold in Big Bear in 2007 will end up being the lowest amount in more that 20 years. We still have about 10 days left to go but I think it is safe to come out and claim this at this point.
The previous low was in 1993 when we had 1,390 sales. As of December 1, 2007 there were 961 total sales in the Big Bear Lake area. I am expecting the final number for 2007 to be close to 1,050 total sales, off by nearly 24% from the 1993 number. Keep in mind that these numbers include all real estate sales in Big Bear: residential, vacant land, commercial, business, & government leases. It would be my educated guess at this point that vacant land sales have been hit the hardest and I will post on this later.
While the average price in Big Bear has remained somewhat static over the past couple years, we have definitely seen a large drop in sales. The number of sales recently peaked out at 2,803 sales in 2002 (the highest number of sales was 2,851 in 1989) and has being coming down since. There was a significant drop off in sales the past two years. As compared to 2002, the market this year is off by more than 62% and over 31% compared to 2006.
What does this mean for you? If you are trying to sell a home in Big Bear, you will need to keep these numbers in mind. The days of selling a home in 30 days or less are in the past. Realistic pricing and top notch marketing are the key ingredients to making a property stand out and getting it sold. If you are a motivated buyer, there are some great options to be had. Take your time and look around online. When you are ready to buy, make sure to work with an agent who knows the inventory for sale in Big Bear. Using a knowledgeable, professional real estate agent in the Big Bear area will help save you time and money.
How long is this market going to last? I don’t think anyone knows for sure but we will continue to monitor the numbers and report back to you.